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๐’๐„๐๐ˆ ๐ฌ๐ญ๐ซ๐ž๐ง๐ ๐ญ๐ก๐ž๐ง๐ฌ ๐ข๐ง๐ฏ๐ž๐ฌ๐ญ๐จ๐ซ ๐ฉ๐ซ๐จ๐ญ๐ž๐œ๐ญ๐ข๐จ๐ง ๐ฆ๐ž๐š๐ฌ๐ฎ๐ซ๐ž๐ฌ, ๐ข๐ง๐ญ๐ซ๐จ๐๐ฎ๐œ๐ž๐ฌ ๐’๐‚๐Ž๐‘๐„๐’ 2.0ย 

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SEBIย in a recent press release has announced the implementation of SCORES 2.0 which endeavours to utilise new technology to strengthen theย SEBIComplaint Redressal System. The new platform for Investors seeks to further improve the redressal system by making it more user friendly, including but not limited to making the process more efficient through auto-routing, auto-escalation etc.

One of the primary mandate of SEBI provided under the SEBI Act is to protect the interest of investors. In furtherance of that, SEBI has over the decades taken various measures including introducing SCORES, an online platform designed to help complainants to lodge their complaints, pertaining to the securities market, online with SEBI against listed companies and SEBIregistered intermediaries. 

Key features of SCORES 2.0 includes:

(a) Timely redressal of investor complaints within 21 calendar days.
(b) Automatic routing of complaints to the relevant regulated entity.
(c) Oversight of investor complaint resolution by designated bodies.
(d) Two-tiered review system: initial review by designated bodies followed by SEBI review if the investor remains unsatisfied.
(e) Automatic escalation of complaints to the next level if regulated entities or designated bodies fail to adhere to prescribed timelines.
(f) Integration with the KYC Registration Agency database for seamless investor registration onto SCORES.

A ‘Designated Body’ as provided under the SEBI Circular dated September 20, 2023 has been set up which includes stock exchanges for listed companies, RTAs and Stock Brokers, Trustees Association of India for Debenture Trustees, ASSOCIATION OF INVESTMENT BANKERS OF INDIA (AIBI) for Merchant Bankers, etc. These Designated Bodies will monitor the timely redressal of complaints and shall act as the first level of review if the complainant is is dissatisfied with the resolution provided by the concerned regulated entity. 

From a practical standpoint, presently, there are numerous cases which are currently pending before the SAT and the Supreme Court of India. These cases originated from complaints filed with SEBI, which were handled in a routine manner and resolved without adequately addressing the underlying issues. One such example is disposal of minority shareholders of Schneider Electric in relation to its delisting (https://lnkd.in/dYMJ_gBt) wherein SAT observed whether public shareholders are children of a lesser god. 

Consequently, despite the press releases touting the effectiveness of SCORES, we hope that the quality of grievance resolution will be scrutinized by SCORES 2.0.

A copy of the SEBI press release is attached herewith.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com

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